It is reported that Korea's Hyundai Steel fired up its third blast furnace, a move interpreted as to grab market share from POSCO and Japan for supplying the cars and ships industry. Hyundai Steel started its first blast furnace in 2010 to offer stable supplies to its affiliates - Hyundai Motor and Kia Motors. The new blast furnace has an annual capacity of 4 million tons pushing Hyundai Steel's total blast furnace capacity to 12 million tons. With 12 million tons of capacity from its electric arc furnace, Hyundai Steel has a total capacity of 24 million tons, making it the world's 11th largest steelmaker. The startup of this blast furnace adds to fears of oversupply in the market, with POSCO the most directly affected.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=66255&division=A9
